2002 Ford Excursion Limited Ultimate 7.3 Powerstroke Diesel 4x4 on 2040-cars

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Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

Best new convertibles for 2024 and 2025

If you’re here, then youÂ’re already in the right mindset. Convertibles rule, and we have all the best convertibles listed for you further below. Driving around with the top off is an experience you need to live to fall in love with. When the weatherÂ’s right, youÂ’re on a proper bit of road, and the car youÂ’re in is a good one, few automotive experiences can top it. The experience is extra special when you have a musical exhaust note filtering directly into your ears and echoing off the landscape around you. And while rolling the windows down and opening a moonroof can get you part of the way there, it's nothing like feeling the wind wash over you with absolutely no roof overhead. The downsides can be just as harsh as the upsides when youÂ’re in the wrong conditions, though. Convertibles are typically worse to live with in cold climates, and driving around with the top up frequently means you might be subject to more road noise and worse visibility than an equivalent coupe. And when it comes to pure performance, convertibles are inherently compromised from a weight and structural rigidity perspective. All that said, we still think the upsides outweigh the compromises if your number one objective is to simply have fun. ItÂ’s a good thing then that there are a ton of great convertibles for sale these days. And no, the list of possibilities isnÂ’t as long as it used to be. Long-running standbys like the Mercedes-Benz E-Class and C-Class Convertibles are gone (replaced by the one CLE-Class). And so are others like the Audi TT Roadster, Fiat 124 Spider and Nissan Z Roadster. Nevertheless, opportunities abound from the ultra-cheap and fun, to physics-defying supercars and everything else in between. WeÂ’ll give you options for which new convertibles we think are the best below, so read on to find out.   Mazda MX-5 Miata Pros: Lightweight and compact; great engine and transmission combo; one of the most raw and pure driving experiences out thereCons: Not great for tall people; infotainment is dated; tiny trunk Read our Mazda MX-5 Miata Review Miata is always the answer, right? In this case, that rings even more true than usual. In fact, you could stop reading this list right here and go buy a Miata and youÂ’d likely be just as happy driving it around as you would be in any of the more expensive offerings that follow. ThatÂ’s just the magic of the MX-5.

Ford 2Q profit drops 86% as it restructures overseas

DEARBORN, Mich. (AP) — Ford's net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America. Net income for the April-through-June period dropped to $148 million, or 4 cents per share. Without the charges the company made 28 cents per share. Revenue was flat at $38.9 billion. On average, analysts surveyed by FactSet expected earnings 31 cents per share on revenue of $38.49 billion. Chief Financial Officer Tim Stone says the company had charges of $1.2 billion as it moved to close factories in Europe and South America. He says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers. Ford, which released numbers after the markets closed Wednesday, says its results include a $181 million valuation loss on an investment in a software company, trimming 4 cents off adjusted earnings per share. Its stock fell 6.3% in after-hours trading to $9.68. Stone said Ford is in the early stages of its restructuring, but already is seeing improvement in some regions. Free cash flow also improved by 80% to $2.1 billion in the first half of the year, he said. "We're already starting to see some early benefits," he said. "A lot of work to do." The company expects improvement in the second half of the year as more new big SUVs hit dealerships and more of the restructuring takes hold. Ford on Wednesday forecast pretax adjusted earnings of $7 billion to $7.5 billion for all of 2019, compared with $7 billion last year. The company previously had only said that pretax earnings would improve. Full-year adjusted earnings per share are forecast to be $1.20 to $1.35, up from $1.30 in 2018. Previously it did not give per-share guidance. Ford's U.S. sales fell nearly 5% in the second quarter, according to the Edmunds.com auto pricing site, as the company exited most of its passenger car business. But Stone said sales of the new Ford Ranger small pickup offset much of that as its share of the small truck segment rose 14%. Edmunds, which provides content for The Associated Press, said Ford's average vehicle sale price rose 2.8% to $41,328 during the quarter. In North America, Ford's biggest profit center, pretax earnings fell 3% to just under $1.7 billion, which the company blamed on switching its Chicago factory to build new versions of midsize SUVs.